OVERSEA CHINESE BANKING Corp Ltd Purchases 1,645 Shares of The Boeing Company (NYSE:BA)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd has increased its stake in Boeing by 121.5% in Q1, bringing its total holdings to nearly 3,000 shares valued at approximately $522,000.
• Several institutional investors, including PNC Financial Services Group and Baker Avenue Asset Management, have also increased their positions in Boeing, with institutional investors owning about 64.82% of the company's stock.
• Boeing reported a revenue of $22.75 billion for the last quarter, exceeding expectations and indicating a 34.9% increase compared to the previous year, despite missing earnings per share estimates.

OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of The Boeing Company (NYSE:BA - Free Report) by 121.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,999 shares of the aircraft producer's stock after buying an additional 1,645 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Boeing were worth $522,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Castlekeep Investment Advisors LLC acquired a new stake in Boeing in the fourth quarter valued at $568,000. Alyeska Investment Group L.P. purchased a new stake in shares of Boeing in the fourth quarter valued at $526,889,000. Zimmer Partners LP purchased a new position in Boeing during the fourth quarter worth approximately $393,736,000. Northern Trust Corp grew its position in Boeing by 33.6% during the fourth quarter. Northern Trust Corp now owns 6,504,610 shares of the aircraft producer's stock valued at $1,151,316,000 after acquiring an additional 1,634,231 shares during the period. Finally, Sculptor Capital LP purchased a new position in Boeing in the fourth quarter valued at approximately $265,500,000. Hedge funds and other institutional investors own 64.82% of the company's stock.

Wall Street Analyst Weigh In

BA has been the topic of a number of recent analyst reports. Royal Bank Of Canada reiterated an "outperform" rating and issued a $250.00 price objective on shares of Boeing in a report on Wednesday, July 30th. Citigroup reissued a "buy" rating on shares of Boeing in a research note on Monday, July 28th. Bank of America raised their target price on Boeing from $260.00 to $270.00 and gave the company a "buy" rating in a research report on Friday. Wells Fargo & Company reissued an "underweight" rating on shares of Boeing in a report on Thursday, May 22nd. Finally, KGI Securities raised shares of Boeing from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 24th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $228.90.

Insider Buying and Selling

In other news, EVP Jeffrey S. Shockey sold 3,205 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $202.87, for a total transaction of $650,198.35. Following the transaction, the executive vice president owned 20,513 shares in the company, valued at $4,161,472.31. This represents a 13.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Brendan J. Nelson sold 640 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $206.28, for a total transaction of $132,019.20. Following the transaction, the senior vice president owned 13,258 shares in the company, valued at $2,734,860.24. This represents a 4.60% decrease in their position. The disclosure for this sale can be found here. 0.09% of the stock is owned by insiders.

Boeing Stock Performance

Shares of NYSE:BA traded up $2.28 during midday trading on Tuesday, hitting $224.62. 5,680,116 shares of the stock were exchanged, compared to its average volume of 8,103,891. The company has a market capitalization of $169.85 billion, a PE ratio of -13.61 and a beta of 1.48. The Boeing Company has a 52-week low of $128.88 and a 52-week high of $242.69. The business's fifty day simple moving average is $215.62 and its two-hundred day simple moving average is $189.33.

Boeing (NYSE:BA - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.92) by ($0.32). The firm had revenue of $22.75 billion during the quarter, compared to analyst estimates of $20.13 billion. Boeing's revenue was up 34.9% compared to the same quarter last year. During the same period last year, the company posted ($2.90) EPS. As a group, equities analysts anticipate that The Boeing Company will post -2.58 EPS for the current year.

Boeing Profile

The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through Commercial Airplanes; Defense, Space & Security; and Global Services segments.